DAX Slips Into Red As Adidas Warns Of Losses
(RTTNews) - German stocks edged lower on Friday, with uncertainty about further interest-rate hikes by the Federal Reserve and footwear maker Adidas' weak forecast denting sentiment.
The euro struggled to find direction while government bond yields edged higher after the Bundesbank's president, Joachim Nagel, reaffirmed his call for more interest rate increases.
The benchmark DAX was down 83 points, or half a percent, at 15,440 after climbing 0.7 percent in the previous session.
Adidas slumped more than 9 percent as it warned of an operating loss of as much as €700 million in 2023 from the fallout over its dispute with rapper and former partner Ye. PUMA SE shares were down nearly 3 percent.
Healthcare group Fresenius fell 2.3 percent, a day after confirming it was exploring steps to relinquish control of its dialysis subsidiary.
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